Cash Transactions Assignment
ASSIGNMENT 01 UNIQUE NUMBER: 838156 DUE DATE: 12 AUGUST 2019 Before you answer the questions for this assignment, you must have studied lear units 1 to 5 of your study guide. Submit this assignment electronically via myUnisa, or do it on a mark-reading shoes The following information relates to the financial accounting cycle (a) Completion of source documents (b) Posting to the general ledger (c) Transactions take place (d) Recording of transactions in subsidiary journals (e) Reporting in financial statements Decision making by management (9) Analysis and interpretation of financial statements What is the correct order in which financial accounting information is processed through the financial accounting cycle? (1) (al (c), (d) b) el (a) and (f) 2) (c)(a), (d), (b), (e), (g) and (1) (3) (alb) (c), (d), (e), (I) and (a) (4) (c), (d), (a), (b), (e), (g) and () (5) (ol if (e), (d), (c), (b) and (a) The following is a list of the elements of financial statements: (a) Equity (b) Income (C) Assets d) Llabilities (e) Expenses Which elements measure the profitability of an entity (1) (c) and (d) (2) (b) and (d) (3) (a) and (c) (4) (b) and (e) (5) (a) and (e) HACIS2010 MENT 1, SEMESTER 2 (continued The following is a list of balances that acceared in the Traders as at 31 July 2018 Fumhure al cost Buildings at cost Trade rocavables Bank debit) LO XY Bank Ohar liabilities Which one of the following amounts represents the other abilities of Wisms Traders as al 31 July 20187 (1) R70 000 (2) R40 000 (3) R90 000 14) R230 000 (5) R280 000 ugn Joshua purchased Inventory for R27 360 inclusive of 14% VAT. What is the VAT amount included in the purchase price? 1) R3 830 12R3 770 13) R3 390 14 R3 450 15 R3 380 Which one of the following statements is correct? (1) VAT output is repaid by SARS (2) The debit balance of the VAT control account indicates the amount owed by SWAS (2) VAT input is paid to SARS 14) VAT on services rendered by the entity is VAT input 15) VAT is calculated at 14% on an inclusive amount Komolo Traders that is not registered as a VAT vendor purchased w onery worth R14 000 on credit from Lassie Dealers ect on the basic using one of the following options represents the correct equation af Komola Traders? Liabilities Equity 14 000 + 14 000 0 + 14 000 -14 000 . ASSIGNMENT 1, SEMESTER 2 (continued) Which one of the following options is correct? Account to be debited Account be credited Bank Capital Office equipment Donation Bank Transaction (1) The owner, T Tselane, injected more capital into the business by bringing his own motor vehicle worth R200 000 into the entity (2) Purchased office equipment worth R50 000 from L Liboko and paid cash (3) The business received a donation of R4 500. (4) The owner, T Tselane, took a laptop worth R4 000 from the entity for his own personal use. (5) The owner paid his private insurance account of R350 by electronic funds transfer from his business bank account Bank Laptop Drawings Insurance Bank Dwinkle Traders purchased furniture on credit for R30 000. What will the effect of this transaction be on the accounting equation? (1) Assets will increase, and liabilities will increase (2) Assets will decrease, and liabilities will increase. (3) Equity will increase, and assets will increase (4) Equity will decrease, and liabilities will increase. (5) Assets will increase, and equity will decrease. Which one of the following statements is incorrect? 11) Assets increase on the debit side and decrease on the credit side. 21 Liabilities increase on the credit side and decrease on the debit side. 3) The equity amount is a computation involving of capital drawings, income expenses 14) Income accounts increase on the credit side and decrease on the debit side (5) Expenditure accounts increase on the credit side and decrease on the debit si Which one of the following statements is correct? A posting to the debit side of a ledger account will where applicable always have the effect of … always have (1) a decrease in the balance of an asset account 121 an increase in the balance of a liability account 131 an increase in the balance of a capital account 14) an increase in the total of an expense account 151 an increase in the total of an income account FAC15032019
ASSIGNMENT 1, SEMESTER 2 (continued The following statements relate to cash transactions Al transactions dealing with cash received are entered into the cash receipts burne respective of how many entries there may be in the cash receipts journal on the total of each column will need to be posted to the relevant general ledger account except for the sundries column where entries will be posted individually fel All transactions dealing with cash payments are entered into the cash payments journal d) Only original receipts can be used as source documents to record transactions in the cash receipts journal. Which one of the following groups correctly reflects all the statements that are true? (1) (a), (b), (c) (2) (a), (b), (d) (3) (c), (d) (4) (b), (d) (5) (a), (b), c), d) Use the following information to answer questions 12 to 13: Alirsam Sondoi, the owner of Sondol Dewers started his business on 1 July 2018. The following transactions took place in Sondol Dealers during July 2018: (al Airaam Sondoi contributed R120 000 as capital (b) Bought the following from Kwik Stores and paid with a single cheque: Trading stock, R48 000 • Stationery, R516 • Packing materials, R330 * Office equipment, RB 778 c) Sold goods for cash, R49 200. d) Sold goods on credit to Ronald Brick, R27 000 le) Purchased goods for cash, R35 400 Purchased opds on credit from Tile Traders for R43 950 9) Paid rent to Mr Mishali, R12 000 in cash Alraam Sondoi, took cash for own use, R3 900 The remainder of the goods were sold on credit to S Stone for R64 170. 12 The total cash receipts for July 2018 are… (1) R169 200 (2) R49 200 (3) R27 000 (4) R120 000 (5) R14 170. .